The court fight between Takashimaya and its landlord Ngee Ann Development (NAD) over calculation of rent has concluded in favour of the department store. The High Court, in a written judgment on Wednesday (Sept 14), agreed with Takashimaya's contention that rental rate for the next five years should be valued based on the existing space configuration. NAD had sued Takashimaya last year after both...
Takashimaya
Business associates for more than 22 years, the landlord of Ngee Ann City and its anchor tenant, department store Takashimaya, are tussling in a dispute over rent. In a High Court hearing that started yesterday, Ngee Ann Development and Takashimaya are seeking to resolve a deadlock as they cannot agree on the interpretation of a 2014 agreement on how rental rate is to be valued. The two parties...
Property developer Keppel Land said Takashimaya will be an anchor tenant in its upcoming mixed-use project in Ho Chi Minh City, Vietnam. In a joint news release, Keppel Land said the retailer will take up 15,000 sq m of retail space across five floors of its Saigon Centre Phase 2, which broke ground in November last year. It signed the conditional agreement with Takashimaya Singapore. Keppel Land said it...
Opera Gallery remained shut on Monday, one day after a stand-off with its landlord, Toshin Development, which has the master lease at Ngee Ann City. On Sunday morning, security guards from Toshin had sealed off the premises and tried to move the artworks worth US$20 million to vacate the unit for a new tenant. It was not because Opera Gallery did not pay its rent, but according to Toshin, it has a new...
A rental dispute turned ugly at Ngee Ann City on Sunday morning. Security was called in to the Opera Gallery - one of the tenants there - to seal off the premises which houses over S$20 million worth of art. The Opera Gallery had brought in dramatic street art during the F1 race last September. And now it is caught in some drama itself. Its landlords at Ngee Ann City ordered security to seal off the...